The Greek Minister of Finance revealed today the impending adjustments to the Greek Golden Visa program, outlined below:
Two Zones 800/400k
In specific regions like Attica, Thessaloniki, Mykonos, Santorini, and islands with over 3,100 inhabitants, the minimum real estate value for acquisition stands at 800,000 EUR, while in other regions, it’s set at 400,000 EUR. The investment must be in a single property covering at least 120 square meters.
Exceptions
Exceptions to the minimum investment criteria for the Greek Golden Visa program include:
Conversion from commercial to residential: If the property undergoes conversion from commercial to residential use, the minimum threshold remains at 250,000 EUR, regardless of location or size. The conversion must be completed before applying for the golden visa.
Restoration of listed buildings: If the property is in listed buildings slated for full restoration by the investor, the minimum threshold stays at 250,000 EUR. Full restoration is required for the first visa renewal after five years.
Use Restrictions
Properties acquired through the golden visa program cannot be short-term rented within the sharing economy framework. Also, properties converted from commercial to residential use cannot serve as a Company Registered Seat. Violations lead to permit revocation, with a fine of 50,000 EUR.
Transitional Period
The revisions will take effect from March 31, 2024. However, investors can apply under the existing 250k threshold by depositing 10% by September 30, 2024, and completing the investment by December 31, 2024. If they fail, they have until April 30, 2025, to invest in another property. All other regulations of the Golden Visa Law remain unchanged.
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